These results have been reviewed by Audit
Committee and approved by Board in their
meetings held on 12th February, 2013.
2) The company, a vertically integrated copper producer, is primarily engaged in the business of mining & processing of copper
ore to produce refined copper metal which has been grouped as a single segment in the above disclosures. The said treatment is in accordance with the Accounting Standard on "Segment Reporting (AS-17)"
The company has taken credit of income of Rs
47.58 crore consisting mainly write back of
old provision of 31.63 crore for consultancy
fees paid in earlier period to M/s Bishimetal
Exploration Company Ltd. (BES), Japan as per
the Board approval dated 03.02.2012 and booked
under the accounting head "CWIP-Mines
Feasibility Study" due to the fact that
BEC report had served its purpose ans
expenditure incurred was apart of the Project
Cost consequent to application made to MOEF
for environmental clearance being recommended
by Expert Appraisal Committee in its 30th
meeting held on 29.08.2012. A sum of 3.13
crore being excess liabilities in the books
arising out of court settlement and Rs 6.88
crore in respect to old disputed
liability of M/s Bhagawati Gases Ltd. have
been taken credit of income by write back of
such liabilities in the books. Further the
company has taken credit of income of Rs 2.63
crore consisting of various deposits (Cr Bal)
of Rs 1.18 crore and miscellaneous credit
balances Rs 1.45 crore remaining
unclaimed for long period by
maintaining memoranda record for any
future requirement of needful references.
5) Figures for the previous period have been rearranged wherever necessary.